Instead of getting down to work (this week I planned to complete writing my BA thesis – I still stand a chance to succeed) I got down to reading economic features on our currency. I recommend you two of them:http://www.bankier.pl/wiadomosc/Kto-i-dlaczego-spekuluje-polska-waluta-1909428.html http://gwiazdowski.blogbank.pl/2009/02/17/atak-na-funta-a-kurs-wymiany-pln/Zloty is a floating currency, so the current market situation is firstly ordinary (supply of zloty surpasses demand), secondly temporary, because unjustified by the fundamental factors. However, I’d like to bring your notice to two things – provided they’re true. Firstly to the put options on euro with the strike price 3,90 PLN, allegedly bought by London banks – mentioned on Bankier.pl. Secondly, if the London banks covered their short positions in zloty it means they’ve probably already made a profit on zloty and the trend is likely to reverse…Yesterday’s “Dziennik” reported Poles snapped up on the exchange offices to exchange foreign currencies for zloty. This time I’m lost in admiration for my Compatriots – in October after the first wave of depreciation the besieged exchange offices just to get rid of zloty. Time told they were surprisingly right. So reassuring that Poles noticed such situation may not repeat itself and make profits. The only one who doesn’t understand, why do Poles buy depreciating currency is prof. Rocki. I wouldn’t understand it as well, if it was any other, not national currency. The ones who kept their money in foreign currencies reap now profits and mechanism is here similar to the short selling (but this money is not borrowed) – sold at 4,80 PLN euro may be bought back at for example 3,80 PLN after a few months – one zloty of profit on each euro. Who only has some currency is bound to run to the nearest exchange office…

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Written by a more-or-less anonymous Polish student, PES can be a daunting read for the generally attention-deficient blog reader, but it’s worth the effort. The bloke refuses to compromise and will hit you with 2,000 words about Polish corruption if he feels it’s needed. The fact that he makes the effort to do all this in English leaves me in awe.